Canada Mortgage and Housing Corporation's Rental Construction Financing Initiative
Goodmans LLP is acting for Canada Mortgage and Housing Corporation in connection with the establishment of its Rental Construction Financing Initiative to finance the construction of affordable rental housing across Canada, and acts as its lead counsel.
Goodmans has acted on approximately $2.4 billion in committed loans under the program, including:
- an approximately $179 million mortgage loan to a joint venture between affiliates of Westdale Properties Group and Reserve Investment Corporation for a 412 unit purpose-built rental apartment building municipally known as 223, 225, 227, 229 and 231 Redpath Avenue and 100 Broadway Avenue in Toronto, Ontario. The first advance was made in March, 2021;
- a $120 million mortgage loan to a joint venture between affiliates of Choice Properties REIT and Daniels Residential Limited Partnership in connection with a 302 unit purpose-built rental apartment building located at 40 Lagerfeld Drive in Brampton, Ontario. The first advance was made in May, 2021;
- a $109 million mortgage loan to an affiliate of Concert Real Estate Corporation in connection with a 308 unit purpose-built rental apartment building located at 551 Emerson Street in Coquitlam, British Columbia. The first advance was made in August, 2021;
- a $215 million mortgage to affiliates of the Preston Group in connection with a 35-storey rental apartment building containing 404 residential rental units, and a 7-storey rental apartment building containing 80 residential rental units located on Eastdale Avenue in Toronto, Ontario. The first advance is expected to be made in the first half of 2022; and,
- an approximately $94 million mortgage loan to affiliates of Minto Real Estate Investment Trust in connection with a 225 unit purpose-built rental apartment building located on Martin Grove Road in Toronto, Ontario. The first advance is expected to be made in early 2022.
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Real EstateGoodmans LLP is acting for Canada Mortgage and Housing Corporation in connection with the establishment of its Rental Construction Financing Initiative to finance the construction of affordable rental…